Supreme Court Upholds Forensic Audit Order in Daiichi Sankyo-Fortis Arbitration
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TL;DR
- Supreme Court of India upholds Delhi High Court's forensic audit order.
- Audit to trace alleged dissipation of Fortis shares during Daiichi Sankyo arbitration.
- Order forms part of Arbitral award enforcement proceedings.
- Supreme Court declined to interfere with lower court's directive.
Overview
The Supreme Court of India has declined to interfere with a Delhi High Court order that directs a forensic audit relating to the alleged dissipation of Fortis shares during the Daiichi Sankyo arbitration case.
This development concerns ongoing enforcement proceedings linked to an arbitral award involving Daiichi Sankyo.
What Happened
The Supreme Court of India refused to interfere with a Delhi High Court order calling for a comprehensive forensic audit.
This audit is intended to trace the alleged dissipation of Fortis shares during the period relevant to the Daiichi Sankyo arbitration case.
The directive was issued as part of enforcement proceedings related to an arbitral award in favor of Daiichi Sankyo.
The Supreme Court's refusal to intervene allows the forensic audit process to proceed.
Context
Daiichi Sankyo has previously secured an arbitral award in dispute with former Fortis promoters.
Enforcement proceedings in India have included efforts to trace and secure relevant shares and assets.
Why It Matters
- The Supreme Court's decision allows further investigation into asset movements that could impact enforcement of an arbitral award.
- The outcome of the forensic audit may affect Daiichi Sankyo's ability to recover under the arbitral award.
- The case highlights the role of forensic audits in award enforcement proceedings in India.